Hong Kong’s financial regulators on Wednesday launched a new collaborative framework with major technology and telecommunications companies, including platforms such as Douyin, Google, Meta, WeChat, Weibo and Xiaohongshu, to step up efforts in fighting online financial fraud and better protect consumers.
The initiative, called the Anti‑Scam Consumer Protection Charter 3.0, was jointly unveiled by the Hong Kong Monetary Authority, the Securities and Futures Commission, the Insurance Authority and the Mandatory Provident Fund Schemes Authority. It outlines six key principles aimed at improving fraud detection, advertiser vetting, internal monitoring processes, enforcement of terms of service, and collaboration on public education and awareness.
Speaking at the launch event, Eddie Yue Wai-man, chief executive of the HKMA, said more than 44,000 fraud cases were recorded last year, with scams increasingly spreading across social media and instant messaging platforms through fake investment and job opportunities.
He stressed that collaboration between public institutions and the technology and telecom sectors is crucial in effectively combating online financial fraud.
SFC chief executive Julia Leung Fung-yee added: “Charter 3.0 is a meaningful step forward, bringing in major technology and telecommunications companies to join the fight against online scams... This initiative not only echoes global governments and regulators’ call to action but also positions the city as a leader in safeguarding the financial world’s digital future."
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